Final answer:
Jacob's monthly mortgage payment is approximately $1,617.56. He will pay a total of $241,671.60 in interest over 30 years.
Step-by-step explanation:
To calculate Jacob's monthly mortgage payment, we first need to determine the loan amount. Jacob has a 25% down payment on a house that costs $455,000, so the loan amount would be 75% of the house price. Loan amount = $455,000 x 0.75 = $341,250.
Next, we need to calculate the monthly interest rate. The annual interest rate is 3.95%, so the monthly interest rate would be 3.95% divided by 12. Monthly interest rate = 3.95% / 12 = 0.3292%.
Using an amortization formula, we can calculate the monthly mortgage payment. Mortgage payment = Loan amount x (monthly interest rate / (1 - (1 + monthly interest rate)^(-number of months))). Plugging in the values, we get: Mortgage payment = $341,250 x (0.3292% / (1 - (1 + 0.3292%)^(-360))). The result is approximately $1,617.56 per month.
To calculate the total interest Jacob will pay at the end of 30 years, we subtract the loan amount from the total cost. Total interest = Total cost - Loan amount. Total cost = $1,617.56 x 360 months = $582,921.60. Total interest = $582,921.60 - $341,250 = $241,671.60.